Gold Spurs Ghana’s Cedi to First Annual Gain Since at Least 1994

Ghana’s currency posted an annual gain against the dollar for the first time in more than three decades as Africa’s biggest gold producer benefited from rising prices of the metal and the greenback’s weakness.

The cedi has appreciated 41% against the dollar this year, the first time it has risen since at least 1994 when Bloomberg began compiling the data. That made it the best performer among 144 currencies tracked by Bloomberg after the Russian ruble. The Bloomberg Dollar index is headed for its worst decline since 2017.